Al Fahim to return to Dubai on Friday

Al Fahim to return to Dubai on Friday

Businessman will attempt to clear his name after arrest warrant issued over $2m debt.

February 17, 2010 5:51 by kippreport

Flamboyant UAE businessman Sulaiman al-Fahim is set to return to Dubai in an attempt to clear his name, after an arrest warrant was issued against him over an alleged $2 million property deal debt.

Al-Fahim is currently in Moscow and will return to Dubai on Friday, according to Arabian Business.

According to a report in The National, an Azerbaijani investor went to court after al-Fahim’s company, Al Buraq Development and Investment, did not complete a development in Dubai. The court ordered al-Fahim to pay the man the AED8 million that he had invested in the property, along with court and legal fees.

The court reportedly said that a 9 percent “daily penalty” would be imposed on al-Fahim until he repaid the sum. Going by that ruling, the paper calculated that as of today, al-Fahim has to repay more than AED374.5 million.

However, al-Fahim has denied the charges. “I am the victim, I am innocent,” he told Arabian Business. “I am not running away from this, I am in Moscow and am actually here as part of an official UAE delegation promoting the chess industry. My lawyers are currently handling the matter and I am positive it will be resolved very soon,” he said.